Based on both the proxy and direct votes made at the company's annual general meeting, the company has received the support of 99 per cent of shareholders, with the exact final result still to be determined.

Telstra chairperson, Catharine Livingstone, said the recommendation of the deal by the board had received strong support by shareholders.

"From the outset, we said we would put any proposal to cooperate with the NBN to shareholders -- we consider the vote today as the most important step in the process we commenced over two years ago," Livingstone said.

"We look forward to finalising the remaining conditions precedent, implementing the transaction and realising the benefits we expect to deliver, including the contribution to sustainable free cashflow in the medium term and greater regulatory stability."

Livingstone said the final hurdle in the process was the approval of the structural separation undertaking (SSU) and migration plan by the Australian Competition and Consumer Commission (ACCC).